Crestmark Provides More Than $65.4 Million in Commercial Financing to 72 Businesses in the First Half of February

Posted 02/22/2019

TROY, Mich., (Feb. 22, 2019) – Crestmark secured a total of $29,650,000 in ABL financial solutions for 11 new clients; Crestmark Equipment Finance provided $27,776,071 in 15 new lease transactions; Crestmark Vendor Finance provided $4,302,627 in 51 new lease transactions; and the Government Guaranteed Lending Division provided $3,728,911 in financing for three new clients in the first half of February.

Crestmark’s asset-based lending division:

On Feb. 1, a $150,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.

A $200,000 accounts receivable purchase facility was provided to a trucking company in Wisconsin on Feb. 1. The financing will be used for working capital purposes.

On Feb. 4, a $5,000,000 ledgered line of credit facility was provided to a distributor of fracking compound in Texas. The financing will be used to pay off an existing lender and for working capital purposes.

A $500,000 accounts receivable purchase facility was provided to a freight brokerage in Michigan on Feb. 4. The financing will be used for working capital purposes.

On Feb. 7, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Missouri. The financing will be used for working capital purposes.

A $150,000 accounts receivable purchase facility was provided to a trucking company in Florida on Feb. 8. The financing will be used for working capital purposes.

On Feb. 8, a $2,750,000 ledgered line of credit facility was provided to a family entertainment center supply and service company in Kansas. The financing will be used to pay off an existing lender and for working capital purposes.

A $20,000,000 asset-based line of credit facility was provided to a distributor of cellular phones in Florida on Feb. 13. The financing will be used to pay off an existing lender and for working capital purposes.

On Feb. 14, a $150,000 accounts receivable purchase facility was provided to a trucking company in Colorado. The financing will be used for working capital purposes.

A $150,000 accounts receivable facility was provided to a startup trucking company in New York on Feb. 15. The financing will be used for working capital purposes.

On Feb. 15, a $450,000 accounts receivable purchase facility was provided to a trucking company in Georgia. The financing will be used for working capital purposes.

Crestmark Equipment Finance:

On Feb. 1, four new lease transactions totaling $6,554,180 were completed with a foodservice distributor in the northeastern U.S. The financing will be used for capital equipment.

Two new lease transactions totaling $2,458,599 were completed with a manufacturer in the midwestern U.S. on Feb. 4 and Feb. 15. The financing will be used for IT equipment.

On Feb. 5 and Feb. 6, four new lease transactions totaling $9,998,079 were completed with a technology services company in the northeastern U.S. The financing will be used for software.

Two new lease transactions totaling $1,440,850 were completed with an energy management company in the midwestern U.S. on Feb. 7 and Feb. 8. The financing will be used for IT equipment.

On Feb. 11, a $3,027,448 new lease transaction was completed with a healthcare provider in the southwestern U.S. The financing will be used for software.

A $1,325,020 new lease transaction was completed with a footwear manufacturer in the northeastern U.S. on Feb. 15. The financing will be used for capital equipment.

On Feb. 15, a $2,971,895 new lease transaction was completed with a healthcare provider in the southern U.S. The financing will be used for capital equipment.

Crestmark Vendor Finance funded $4,302,627 in 51 transactions in the first half of February.

The Government Guaranteed Lending Division:

On Feb. 1, a $2,268,911 term loan facility was provided to a hospitality management company in New Jersey. The financing will be used for acquisition purposes.

A $360,000 term loan facility was provided to an independent insurance agency in Arizona on Feb. 4. The financing will be used for acquisition purposes.

On Feb. 5, a $1,100,000 solar construction term loan facility was provided to a solar energy provider in California. Once the construction of the utility-scale solar farm is completed, the term loan facility will be refinanced by a USDA Business & Industry permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.